Shabbir Kayyumi
Engineers India has recently bottomed out around Rs 100 and then rallied over more than 25 percent after showing positive divergence in RSI. The MACD has given bullish crossover on weekly chart in negative territory implying strength. RSI also seems to be bottoming out from its oversold zone which further confirms its bullish bias.
Trend line breakout is expected to come above Rs 124 marks from where buying momentum will increase further. One can go long in the scrip above Rs 124 with stop loss of Rs 109 for the higher target of Rs 148.
Disclaimer: The author is Head - Technical & Derivative Research at Narnolia Financial Advisors Ltd. The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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